Capital improvement plans include a wide variety of projects throughout the resort, including the renovation of guestrooms and public spaces, the redevelopment of the marina restaurant and other enhancements to the marina area, enhancement of the pool and recreational area at the Indies Kids’ Club, complete renovation of the two penthouse suites and the creation of 16 family suites.

Commenting on the investment, Michael Medzigian, CEO of CWI, said, “Given the limited number of existing resorts and restrictions on new development, the Florida Keys is one of the strongest lodging markets in the country. Our acquisition of Hawks Cay is consistent with our strategy of applying our lodging investment and asset-management disciplines to exceptional properties. We believe that, through our planned improvements and upgrades, as well as the introduction of the Pyramid Hotel Group management team, we will be able to enhance and reposition the resort, create a solid financial platform for future operations and achieve attractive risk-adjusted returns for our investors."